LONDON--(BUSINESS WIRE)--The quantum cryptography solutions market is expected to grow by USD 2.71 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
The growing volume of data due to the extensive digitalization of several industries is increasing the complexity and diversity of datasets. Industries are generating zettabytes of data every day. Such data are often stored in diverse systems, databases, files, and repositories, and hence requires effective and efficient management. The data-driven nature of several industries and the growing volume of data exchange increases the demand for cryptographic solutions to ensure cybersecurity. Moreover, with technological advances, cyberthreats have become more sophisticated in nature. This is resulting in higher adoption of quantum cryptography owing to the technology's superior security capabilities, thus driving the market growth during the forecast period.
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As per Technavio, the emergence of QKD as a service will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Quantum Cryptography Solutions Market: Emergence of QKD as a Service
One of the most major trends in the global quantum cryptography solutions market is the advent of QKD as a service, which is managed quantum cryptography service. This service enables buyers to implement QKD in a flexible and affordable way. The cost-effectiveness of QKD as a service stems from the fact that no initial investment and upfront cost is required which enables users to take immediate advantage of the benefits offered. As such, the emergence of QKD as a service is expected to impact the market in a positive manner, driving market penetration and customer acquisition. The world’s first QKD as a service was offered by Colt Technology Services in collaboration with ID Quantique.
“Factors such as the increasing popularity of free-space QKD and evolving global cybersecurity landscape will have a significant impact on the growth of the quantum cryptography solutions market value during the forecast period,” says a senior analyst at Technavio.
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Quantum Cryptography Solutions Market: Segmentation Analysis
This market research report segments the quantum cryptography solutions market by end-user (G and P, defense, BFSI, telecom, and others) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the quantum cryptography solutions market in 2019, followed by Europe, APAC, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the early adoption of advanced technologies such as cognitive computing and machine learning
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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